Russian government initiates bill on support for businesses in the Arctic

May 07/ 08:40

Moscow. The Russian government prepared a bill on state support for businesses working in the Russian Arctic zone. The bill’s text was posted on the government’s website.

"The status of the Arctic zone’s resident will be granted in compliance with the criteria listed in the bill," a document, describing the bill reads. "One of the criteria is the minimum investments within a certain period of time (at least 500,000 rubles ($7,700) within first three years)."

The document regulates aspects of construction in the Arctic zone, entrance, exit and residence of foreign citizens in the Arctic, told TASS. Besides, the bill contains general conditions for the residents’ work and regulates due inspections.

According to the document, describing the government’s legislative initiative, if the bill comes into force, it will "favor implementation of Russia’s State Program on the Arctic zone’s social and economic development."